Digital Forex Group Experiences $1.1 Billion Loss In 2022

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  • Crypto conglomerate Digital Forex Group (DCG) has posted a $1.1 billion loss for 2022. 
  • The corporate’s This fall investor report blamed declining crypto costs and Genesis’ chapter for the huge loss. 
  • DCG held $5.3 billion as of 31 December 2022, with consolidated revenues of $719 million for the 12 months. 

2022 noticed a string of scandals and bankruptcies that rattled the crypto trade. The occasions that transpired over the previous 12 months eroded traders’ confidence and renewed the regulatory crackdown on crypto companies by federal and state-level companies in the US. The turmoil within the crypto market took a toll on the earnings of companies working within the crypto house. 

Barry Silbert’s crypto empire additionally noticed its earnings evaporate because of the turmoil. The Digital Forex Group (DCG) has reported a lack of $1.1 billion and consolidated income of $719 million. The crypto conglomerate boasts a formidable portfolio that features crypto buying and selling home Genesis and Grayscale Investments, the issuer of the Grayscale Bitcoin Belief (GBTC). 

Digital Forex Group holds $5.3 billion in property

Based on a report by CoinDesk, the Digital Forex Group’s losses exceeded a billion {dollars} in what it described as a “difficult 12 months”. The crypto conglomerate blamed the huge loss on declining crypto costs and the impression of Three Arrows Capital’s collapse on its subsidiary Genesis, which pressured the crypto lender to file for Chapter 11 chapter final month. 

DCG’s investor report for the fourth quarter of 2022 revealed that the agency held whole property value $5.3 billion as of 31 December 2022. The agency’s This fall income stood at $143 million, towards losses of $24 million. The consolidated steadiness sheet broke down the agency’s holdings, which included money and money equivalents of $262 million, and funding property like tokens and Grayscale Belief shares totaling $670 million. The remainder of the property represented the property held by the companies in its portfolio. As for the honest worth of the property, a DCG spokeswoman clarified that that they had been marked to market. 

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